Lake Michigan Credit Union is a Michigan-based, member-owned credit union that consistently ranks well among credit unions for dividends paid back to members. It offers depository and lending products on both its personal and business banking sides.
On its personal depository banking side, LMCU offers checking, savings, money market, Certificate of Deposit (CD), and IRA accounts. It usually offers an attractive checking account with a high interest rate on balances up to a certain amount and non-LCMU ATM reimbursements. LCMU’s reward checking account has been recognized in the past on DepositAccounts.com. The credit union’s savings account options include a basic account, a health savings account that comes with unlimited check writing privileges, and a children’s education account designed to function as a college savings fund. Money market accounts are available and offer higher dividends for higher account balances. LCMU’s Certificates of Deposit (CDs) and IRA CDs range in term lengths from 3 to 60 months.
Lake Michigan Credit Union online banking features easy account access for tasks like online bill pay, applying for mortgages, transferring funds, and viewing account activity history. LMCU also released mobile banking apps that provide smartphone and tablet-based account management functionality. The credit union’s website also features a learning center where members can view articles and videos that explain various banking services and account calculations.
Lake Michigan Credit Union was founded in 1933 as the Grand Rapids Teachers Credit Union. The original purpose of the institution was to provide banking services to teachers in the community. Since then, the membership has expanded to include local residents and current LMCU members’ family members. The credit union is headquartered in Grand Rapids, Michigan, and serves its members through multiple branches located throughout the state.
Membership is open to persons who live, work, worship or attend school in one of several Michigan counties. Persons who are donors to the Amyotrophic Lateral Sclerosis (ALS) Association, West Michigan Chapter and immediate family members of current LMCU members also qualify for LMCU membership. - See Details
I've been generally satisfied with LMCU. However, one recent negative experience I feel is worth highlighting.
In order to qualify for the "4% Max Checking" - 4% monthly interest return on checking accounts of >$15,000 - one must have at least 10 monthly debit card transactions. My debit card was stolen on the 21st of the month at which point I only had 6 transactions. One rep. told me LMCU's policy was to waive that requirement in the event of a lost/stolen card due to an inability to reach the threshold number (a new card takes 7-10 days to arrive). Then, I was told this is not the case and I must still meet the 10 transaction minimum because a lost/stolen card is "not their error". My noting that a stolen card is also not my error seemed to fall on deaf ears.
Between the inconsistency in communication on LMCU policy and the apathetic tone of the bank manager, I was sufficiently irritated to post this experience.
I have been with this bank over 10 years and their service continues to decline while their fees continue to climb.
No longer a fan! Potential customers beware!! Their fees will rake you over the coals and their client service representatives are anything but friendly.
My business account is with Lake Michigan Credit Union. The policy of holding checks from my customers for an ambiguous amount of time makes it difficult to avoid overdrafts as my account balance fluctuates as overdraft protection was not made available. Sometimes the hold is for 2 days, which is acceptable or it may be up to nine days. The amount of the check does not seem to matter. It was explained to me that the hold time is up to the teller who is waiting on me. What seems to be the case is that new tellers who do not recognize me will hold for longer days. I would not recommend this credit union for small business as they seem to have policies that are not small business friendly.
I moved to the Grand Rapids area and needed to transfer my accounts to a local CU. For my auto loan, faxed documents were lost on 3 occasions cauysing the closing of the loan to take 3 weeks. My debit card was also "lost" in the mail on their first attempt to send it. It took over a month to receive the debit card. Their 24x7 customer service only seems to apply to weekdays. If you lose your online banking account info, you must call in to the call center to have it reset. Overall I regret switching, it would have been less hassle to just drive the 2 hours round trip to do business with my old CU.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Lake Michigan Credit Union had $4.94 million in non-current loans and owned real-estate with $330.68 million in equity and loan loss allowances on hand to cover it. This gives Lake Michigan Credit Union a Texas Ratio of 1.49% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Lake Michigan Credit Union decreased dramatically from 3.14% as of September 30, 2012 to 1.49% as of September 30, 2013, resulting in a positive change of 52.34%.This indicates that the balance sheet and financial strength for Lake Michigan Credit Union has improved dramatically in recent periods.
In the past year, Lake Michigan Credit Union has increased its total deposits by $258.32 million, resulting in 12.18% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Lake Michigan Credit Union has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Lake Michigan Credit Union has $2.94 billion in assets with $330.68 million in equity, resulting in a capitalization level of 11.23%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$323.79 million|
|Loan Loss Allowance||$6.89 million|
|Unbacked Noncurrent Loans||$2.71 million|
|Real Estate Owned||$2.24 million|
|Historic Data - September 2012|
|Equity Capital||$273.08 million|
|Loan Loss Allowance||$6.42 million|
|Unbacked Noncurrent Loans||$2.71 million|
|Real Estate Owned||$5.49 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.96%|
|Return on Assets||2.02%|
|Return on Equity||18.38%|
|Interest Income||$64.39 million|
Always verify rates and promotions with the bank or credit union. We are not Lake Michigan Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|2.00%||$15k||-||Health Savings Account|
|1.00%||-||$1k||Kids Club Savings|
|1.00%||-||$1k||Teen Club Savings|
|0.60%||-||-||Roth IRA Shares|
|0.60%||-||-||SEP IRA Shares|
|0.60%||-||-||Coverdell ESA Money Market|
|0.60%||-||-||IRA Money Market Savings|
|0.75%||$500k||-||Business Plus Checking Account|
|0.35%||$25k||-||Investors Checking Account|
|1.60%||$500||-||48 Month VIP CD|
|1.50%||$500||-||60 Month VIP CD Special|
|1.35%||$500||-||48 Month CD|
|1.25%||$500||-||60 Month CD Special|
|1.05%||$500||-||24 Month VIP CD|
|1.00%||$500||-||36 Month VIP CD|
|0.80%||$500||-||24 Month CD|
|0.75%||$500||-||36 Month CD|
|0.75%||$500||-||30 Month VIP CD Special|
|0.65%||$500||-||15 Month VIP CD Special|
|0.60%||$500||-||25 Month VIP CD|
|0.50%||$500||-||17 Month VIP CD|
|0.50%||$500||-||18 Month VIP CD|
|0.50%||$500||-||30 Month CD Special|
|0.40%||$500||-||15 Month CD Special|
|0.40%||$500||-||13 Month VIP CD|
|0.40%||$500||-||12 Month VIP CD|
|0.40%||$500||-||14 Month VIP CD|
|0.35%||$500||-||25 Month CD|
|0.30%||$500||-||3 Month VIP CD|
|0.30%||$500||-||5 Month VIP CD|
|0.30%||$500||-||6 Month VIP CD|
|0.30%||$500||-||7 Month VIP CD|
|0.30%||$500||-||8 Month VIP CD|
|0.30%||$500||-||9 Month VIP CD|
|0.30%||$500||-||10 Month VIP CD|
|0.30%||$500||-||11 Month VIP CD|
|0.25%||$500||-||17 Month CD|
|0.25%||$500||-||18 Month CD|
|0.15%||$500||-||13 Month CD|
|0.15%||$500||-||12 Month CD|
|0.15%||$500||-||14 Month CD|
|0.05%||$500||-||3 Month CD|
|0.05%||$500||-||5 Month CD|
|0.05%||$500||-||6 Month CD|
|0.05%||$500||-||7 Month CD|
|0.05%||$500||-||8 Month CD|
|0.05%||$500||-||9 Month CD|
|0.05%||$500||-||10 Month CD|
|0.05%||$500||-||11 Month CD|
|1.60%||$500||-||48 Month VIP IRA CD|
|1.50%||$500||-||60 Month VIP IRA CD Special|
|1.35%||$500||-||48 Month IRA CD|
|1.25%||$500||-||60 Month IRA CD Special|
|1.05%||$500||-||24 Month VIP IRA CD|
|1.00%||$500||-||36 Month VIP IRA CD|
|0.80%||$500||-||24 Month IRA CD|
|0.75%||$500||-||36 Month IRA CD|
|0.75%||$500||-||30 Month VIP IRA CD Special|
|0.65%||$500||-||15 Month VIP IRA CD Special|
|0.60%||$500||-||25 Month VIP IRA CD|
|0.50%||$500||-||17 Month VIP IRA CD|
|0.50%||$500||-||18 Month VIP IRA CD|
|0.50%||$500||-||30 Month IRA CD Special|
|0.40%||$500||-||13 Month VIP IRA CD|
|0.40%||$500||-||15 Month IRA CD Special|
|0.40%||$500||-||12 Month VIP IRA CD|
|0.40%||$500||-||14 Month VIP IRA CD|
|0.35%||$500||-||25 Month IRA CD|
|0.30%||$500||-||10 Month VIP IRA CD|
|0.30%||$500||-||11 Month VIP IRA CD|
|0.30%||$500||-||3 Month VIP IRA CD|
|0.30%||$500||-||5 Month VIP IRA CD|
|0.30%||$500||-||7 Month VIP IRA CD|
|0.30%||$500||-||8 Month VIP IRA CD|
|0.30%||$500||-||9 Month VIP IRA CD|
|0.30%||$500||-||6 Month VIP IRA CD|
|0.25%||$500||-||17 Month IRA CD|
|0.25%||$500||-||18 Month IRA CD|
|0.15%||$500||-||13 Month IRA CD|
|0.15%||$500||-||12 Month IRA CD|
|0.15%||$500||-||14 Month IRA CD|
|0.05%||$500||-||6 Month IRA CD|
|0.05%||$500||-||3 Month IRA CD|
|0.05%||$500||-||5 Month IRA CD|
|0.05%||$500||-||7 Month IRA CD|
|0.05%||$500||-||8 Month IRA CD|
|0.05%||$500||-||9 Month IRA CD|
|0.05%||$500||-||10 Month IRA CD|
|0.05%||$500||-||11 Month IRA CD|